Why It Is Important to Work On Your Business, Not In It
Take a moment and think back to those early days when you were just starting up your business. Days when your mind churned out ideas faster than you could write them down. Days, when you knew the road ahead, was going to be tough, but you were energized to roll up your sleeves and get right into the hustle anyway. Those were the days when having a clear strong vision was all you needed to encourage you to press on, and every small win was worth celebrating.
But soon enough, those earlier days inevitably plateau into days enveloped by the nitty-gritty things that you should be delegating but still aren’t. Days that find you grinding instead of growing, putting out fires instead of prioritizing the big picture. Have you found yourself in this position? Or are you in the middle of this exact season right now?
We hear you, and we feel you. It’s a part of growth, but that isn’t to say that it’s what growing should always look like. The dear entrepreneur now is as good a time as any to step out of working in your business and into working on your business. Here’s why.
Your vision can be shared, but not transferred.
While you can get your employees and your customers on board with your vision, no one else can nurture it and broaden it quite like you. You are accountable to your stakeholders (employees and customers alike) for the expansion and advancement of your vision, your goals, and your overall strategies.
In the long run, focusing on this enables you and your business to stay relevant and be excellent. Let’s face it, getting stuck in every in and out of running your business will rob you of time that could be spent planning for the future, setting new goals, or developing strategies.
Trust is a two-way street
Learning to delegate and then trusting your team to take ownership and deliver on their tasks is both daunting and liberating as a business owner. Take that step, know that it won’t be smooth sailing straightaway and that fires will still need to be put out, but be confident that this will surely foster growth and development among your people and in your business.
Not only does this empower them, but it also shows them that they can trust you to take care of the big picture and drive the business towards greater heights.
Ways to Work on Your Business Instead of in Your Business
To effectively work on your business rather than in your business, it is crucial to prioritize strategic and long-term activities. Here are some key ways to achieve this:
Delegate and Outsource: Identify tasks and responsibilities that can be delegated to competent team members or outsourced to external professionals or service providers. This frees up your time to focus on strategic planning, business development, and decision-making.
Set Clear Goals and Objectives: Define specific, measurable, and realistic goals for your business. Break them down into actionable steps and develop a plan to achieve them. Regularly review your progress and make adjustments as needed.
Invest in Systems and Processes: Develop efficient systems and processes that streamline operations, improve productivity, and reduce manual effort. Automate repetitive tasks, implement project management tools, and utilize technology solutions to optimize efficiency and free up time for strategic activities.
Allocate Time for Strategy: Schedule dedicated time to work on your business. Set aside regular intervals to review market trends, analyze competition, identify growth opportunities, and develop strategies that align with your long-term vision.
Develop a Strong Team: Surround yourself with a competent and reliable team. Hire individuals who are skilled in their respective roles and share your vision. Empower and trust your team to handle day-to-day operations, allowing you to focus on strategic decision-making.
Continuously Learn and Adapt: Stay updated with industry trends, market changes, and emerging technologies. Attend industry conferences, participate in professional development programs, and seek out networking opportunities to expand your knowledge and stay ahead of the curve.
Engage in Strategic Partnerships: Collaborate with other businesses or professionals who complement your expertise or can help you reach new markets or customer segments. Strategic partnerships can provide access to additional resources, knowledge, and opportunities for growth.
By implementing these approaches, you can shift your focus towards working on your business, enabling you to make informed decisions, drive growth, and build a sustainable and thriving business in the long run.
Your business needs you to constantly think outside the box
What Does It Mean to Work on Your Business and Not in Your Business?
Working on your business and working in your business refer to two distinct approaches to managing and operating a business. Working in your business typically involves the day-to-day operational tasks and activities that are necessary to keep the business running smoothly. This includes activities such as providing the products or services, handling customer inquiries, managing employees, overseeing production or service delivery, and handling administrative tasks.
On the other hand, working on your business involves taking a strategic and long-term perspective to guide the growth and development of the business. This includes activities such as setting goals and objectives, developing business strategies, analyzing market trends and competition, creating marketing and sales plans, refining operational processes, and exploring new opportunities for expansion.
The fact is, you are less likely to be able to do this when you are always in the box. As the business owner and leader of your company, you want to find ways to innovate your processes, your products, and or your services. While the members of your team may contribute to this once in a while, it is your responsibility to have this mindset consistently.
Free up your brain space for the creative things of leadership by resisting the urge to micromanage and recognizing that the big picture needs your constant attention too.
Remember those early days when your mind churned out ideas faster than you could write them down? They aren’t things of the past, dear entrepreneur. Make that conscious effort to work on your business, not in it, and see how that propels your company and its people forward in ways both expected and unexpected.
How have you been feeling about handling your business lately? Your thoughts are most welcome! Come through here, and let’s have a chat.
Frequently Asked Questions:
1. How do you work on the business instead of in the business?
When working in your business, you are primarily focused on the immediate operational needs and ensuring that the business functions effectively on a daily basis. This approach is often necessary, especially in the early stages of a business, to establish a solid foundation and deliver value to customers. However, when working on your business, you are stepping back from the day-to-day operations and focusing on the bigger picture, aiming to improve efficiency, enhance competitiveness, and drive sustainable growth. This approach is essential for long-term success as it allows you to assess the business from a strategic standpoint and make informed decisions to adapt and evolve in a changing business environment.
2. What should you not do in your business?
When running a business, there are certain "don'ts" that should be avoided to ensure its success:
Don't Neglect Customer Feedback: Ignoring customer feedback can lead to missed opportunities for improvement. Engage with your customers, listen to their concerns, and actively seek feedback to continuously enhance your products, services, and overall customer experience.
Don't Overextend Finances: Avoid taking on excessive debt or overspending without careful financial planning. Maintain a solid understanding of your business's financial health and establish a budget to allocate resources wisely. Overspending or mismanaging finances can jeopardize the stability and growth of your business.
Don't Ignore Market Trends: Staying oblivious to market trends and consumer demands can result in your business becoming outdated or irrelevant. Keep a close eye on industry shifts, emerging technologies, and changing customer preferences. Adapt your strategies and offerings to stay ahead of the curve and remain competitive.
3. Is it better to have your own business or work for a company?
Working in your own business and working for a company both offer unique experiences and considerations. When working in your own business, you have the freedom and autonomy to make decisions and shape the direction of the business according to your vision. You have a direct stake in the success or failure of the business, and the potential for greater financial rewards. However, working in your own business can also entail greater responsibility, longer hours, and higher risks, as you bear the ultimate accountability for its performance.